A bipartisan group of United States (US) senators have agreed on a sanctions bill allowing President Donald Trump to penalise countries purchasing oil and gas from Russia.
The legislation, which could impact trade involving nations such as China and India, is titled the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 to honour the former senator.
It proposes increasing import duties on Russian goods by up to 500 percent to restrict revenue to Moscow, and the agreement was announced by senators Jeanne Shaheen, Richard Blumenthal, Darline Graham, Katie Britt, Roger Wicker and Jim Risch.
“We are proud to announce an agreement on legislation to stop purchasers of Russian oil and gas from fuelling Putin’s war machine and to continue restricting the Iranian regime’s ability to support terrorism and build its nuclear programme,” the senators stated.
Section 113 of the proposal focuses on five nations purchasing fuel volumes from Russia or enabling sanctions evasion through shadow fleets, subjecting them to tariffs of 100 percent.
Regarding Iran, the text extends the Iran Sanctions Act for five additional years, maintaining secondary restrictions through 2031.
The tariff authority includes a sunset clause of five years, requiring action from lawmakers to renew the measures after that period.
Senate members scheduled an initial vote on the bill for late Tuesday. With the House of Representatives currently away for its August recess, the measure is expected to reach the presidential desk no earlier than September.
The penalties target Russian officials, family members of officials, foreign nationals and financial institutions operating in Russia.
